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Nairaland Forum / Nairaland / General / Politics / Failed Naira: Your Advice For The Federal Government (12539 Views)
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Re: Failed Naira: Your Advice For The Federal Government by Kayode1979: 8:33pm On Aug 16, 2016 |
Buhari should resign that is my advise |
Re: Failed Naira: Your Advice For The Federal Government by oyinkinola: 8:38pm On Aug 16, 2016 |
...am surprised that Nigerian have been brainwashed to unbelievable F'level by the ineffective theory and jagons!....look at the word INFLATION: the mis-interpretation of the word had cost Nigeria hardship, if there is a sudden hike in price Nigerian blame inflation, although not all high price related to inflation, price high at certain time of the year and come down, the market saboteurs or manipulators can cause hike, certain government decision may cause hike price that's not related to inflation, all this can be check in a shortest time!, some even believe that it's the inflation that murdered ₦1 and pull it out of circulation; but it's all lie! No inflation killed ₦1, it was intentionally killed by Nigerian because they didn't want coins in their pocket! the way they killed ₦1, ₦5 will be killed soon and move on to ₦10 and so on, all will be blame on inflation: If an imported item can be bought for ₦1.50kobo, there be no way we can confirmed the murdered of ₦1 by inflation. If Nigerian economists accept the dead of ₦1, then they were guilty of conspiracy to Nigeria nation! why? when they know ₦1 is dead why deceiving Nigerian by taken dead ₦1 to world market and promised of having equal value with other world life currencies! I can confirmed that 50kobo, ₦1, ₦2, ₦3, ₦4 were alive, they must be return back to market! it's another form of corruption traders with complice of economists used to squandered the mediocre income of poor....a pocket tore can't be full forever! I hereby charge the CBN to inject the abandoned coins into circulation, and the government to use the civil defense to enforce it uses!
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Re: Failed Naira: Your Advice For The Federal Government by KnowAll(m): 9:03pm On Aug 16, 2016 |
Fela said " Teacher don't Teach me nonsense " Fela saw the duplicity of the Western Nations. They want us to be perpetually be poor. They teach us economic theory which we swallow hook, line and sinker meanwhile they are doing exactly opposite of what they taught us. They are printing money yet they call it some fancy name " Quantitative Easing " yet when African does the same they call you us illiterates and un-enlightened people yet they do it with ignominy. I have proven tying our currency to commodities is much beneficial to us in Africa than printing worthless paper money. Well after tying our currency to a product for easy dispensing of the accumulated dollar fund into the local economy we can call the " local dollar" whatever name we feel like. In Nigeria's case we call it the Naira. Now ₦1 = $40 DOLLARS in the raw unadulterated form, we could slash the value by 1/2, 1/4, 1/8, 1/16, 1/32, 1/64 in an effort to localized its value. If we don not have accumulated dollar funds then we should not have business dealing with foreign countries because we do not have the funds. A man that is broke does not spend but it seems those countries giving a broke country un-warrented credit are the ones blame. Let us spend what we can afford as soon as we do that our currency in Africa will not be all over the place like a yo-yo. |
Re: Failed Naira: Your Advice For The Federal Government by shadeyinka(m): 3:07am On Aug 17, 2016 |
nabiz: You couldn't have said it better. Free market forces in an economy like Nigeria's will not allow us go anywhere. How can one compete with China in terms of production cost. Unless government step in and promote the monopoly of Nigerian companies our industries will continue to suffer. This also cannot be done without making it easy for industries to make profit through production. Infrastructural backbone development will reduce the incidence of smuggling. Well said Bro! 1 Like |
Re: Failed Naira: Your Advice For The Federal Government by shadeyinka(m): 3:53am On Aug 17, 2016 |
KnowAll: You are just looking only at the Forex exchange rate. How about the volume of Naira transaction? It pays the government for Naira to be weak because, they will be able to do more with little. Except the Naira is redenominated, government will not be able to service internal debts. It bores down to the same thing. Convert the average Naira salary to dollars and multiply by the number of barrel s we sell, its obvious we cannot cope. 1 Like |
Re: Failed Naira: Your Advice For The Federal Government by shadeyinka(m): 3:54am On Aug 17, 2016 |
Kayode1979: ..and so who is your alternative and why? |
Re: Failed Naira: Your Advice For The Federal Government by shadeyinka(m): 4:04am On Aug 17, 2016 |
oyinkinola: Even though I don't agree with your theory, you will notice that a few years back, the CBN tried to reintroduce the coins back in circulation. Why did it not work? The coins were nuisance because they could not purchase anything. Most of the coins either wasted or got sold at precious metal markets. I agree, inflation was man made due to successive government mismanagement. The mismanagement resulted to inflation and the inflation killed the kobo. You did not react to why TomTom of 1kobo became 500kobo in a space of some years? Inflation is the cause of massive increments in salaries. What was the average salaries of workers in 1980 and what is it now? 1 Like |
Re: Failed Naira: Your Advice For The Federal Government by shadeyinka(m): 4:09am On Aug 17, 2016 |
KnowAll: I perfectly agree with you that we use an economic theory designed to impoverish us third world countries..but our economic experts seem not to notice it. They have believed in some carefully crafted western lies. The bottom line is a secret. Government is not supposed to make money from exportation of raw materials. Government is supposed to make money exclusively from tax! |
Re: Failed Naira: Your Advice For The Federal Government by oyinkinola: 10:19am On Aug 17, 2016 |
shadeyinka:...I totally disagree to you people point of views, why? because all of you shy away of the true! how can you proof that coins were nuisance and cannot purchase anything, why you buy 3 items for N5! it means 1 of such an item cost N1.66k! why killing coins then? have you ever heard a country where coins sold at precious metal markets! what a silly? and that's why I said Nigerian must be forced to use coins! and don't forget we have 100kobo in our monetary system, how many kobo killed by inflation? how many left? If there are... 50kobo,60kobo,70kobo,80kobo,90kobo,100kobo,₦1, ₦2, ₦3, ₦4 in market today! Nigerian had get rid of the invisible devilish corruption that empty the pocket of poor. The wicked traders with the backing of economist and CBN had tore the pocket of poor to drain the mediocre income to their own purse! if 1 tom tom is 500k today, it's mean you've slaughtered ₦5 you are only waiting for it's burial, don't blame inflation! |
Re: Failed Naira: Your Advice For The Federal Government by kaboninc(m): 10:43am On Aug 17, 2016 |
trillville: The analysis you guys give here are just so funny. I just do not want to sound political but truth is the failure was as a result of little or no action from the present administration. |
Re: Failed Naira: Your Advice For The Federal Government by kaboninc(m): 10:46am On Aug 17, 2016 |
shadeyinka: LOOL!!! Government is not suppose to make money from exportation of raw materials? You guys are funny. You and trillville, I don't know the difference because you two think alike.. |
Re: Failed Naira: Your Advice For The Federal Government by kaboninc(m): 10:48am On Aug 17, 2016 |
shadeyinka: So what is your solution to curb this inflation? |
Re: Failed Naira: Your Advice For The Federal Government by oyinkinola: 10:50am On Aug 17, 2016 |
shadeyinka:a point of correction pls, if the government didn't get anything from exportation of raw materials including oil! we are no longer a country! |
Re: Failed Naira: Your Advice For The Federal Government by trillville(m): 11:11am On Aug 17, 2016 |
kaboninc: Please be political. Explain clearly how Buhari's administration caused the mess we are currently facing. |
Re: Failed Naira: Your Advice For The Federal Government by trillville(m): 11:14am On Aug 17, 2016 |
oyinkinola: Does the united states government earn income from sales of raw materials or from taxing it's citizens. Does Israel make money from raw materials. |
Re: Failed Naira: Your Advice For The Federal Government by Boss13: 11:17am On Aug 17, 2016 |
SUPERPACK: Who is the US you are referring to here? Don't expect government to be involve in agriculture. It is the mess of getting themselves involved in oil production that is creating this problem for us. Anything Nigerian government touches turn bad |
Re: Failed Naira: Your Advice For The Federal Government by kaboninc(m): 11:31am On Aug 17, 2016 |
shadeyinka: Lol. This is funny as usual. |
Re: Failed Naira: Your Advice For The Federal Government by oyinkinola: 11:32am On Aug 17, 2016 |
kaboninc:[b]..the solution is simple, the inflation is not eat-up all our money get missing in our pocked, we killed it intentionally, no way than to return to them! If there are 1k, 50kobo,60kobo,70kobo,80kobo,90kobo,100kobo,₦1, ₦2, ₦3, ₦4 in the market today! Nigerian had get rid of the invisible devilish corruption that empty the pocket of poor. The wicked traders with the backing of economist and CBN had tore the pocket of poor to drain the mediocre income to their own purse!...and all blame inflation! if 1 tom tom is 500k today, it's mean you've slaughtered ₦5 you are only waiting for it's burial, don't blame inflation! before I accept that any amount is swallowed by inflation...1. it can't buy anything through out any market in Nigeria, 2. it's add-up to any currency in circulation can't buy any thing or used for change, 3. the subtraction of it from other currency can buy or used for change. 4. the division of such a money or used to divide other currency can't buy anything! then I will agree that such an amount is killed by inflation![/b] |
Re: Failed Naira: Your Advice For The Federal Government by kaboninc(m): 11:36am On Aug 17, 2016 |
trillville: My response might come off as political and I just do not want to go into such discussions. However, just to be constructive, at a time after the inauguration of this current administration, the truth is that it was only the effort of the CBN that kept us this far. Fiscal and Monetary polices are suppose to complement each other in response to developing economic challenges. However, when the CBN acts alone, it can only do its best. The delay in appointing Ministers, especially Minister of Finance really made things that bad. |
Re: Failed Naira: Your Advice For The Federal Government by oyinkinola: 11:45am On Aug 17, 2016 |
trillville:haa! what we produce with our raw materials, it's all export to foreign land where it turn into finished products and we import it for consumption. Is Israel have raw materials, and if US have, it consumed and even imports more for their industrialization! |
Re: Failed Naira: Your Advice For The Federal Government by kaboninc(m): 11:50am On Aug 17, 2016 |
oyinkinola: Sir, kindly state your solution clearly. I really do not understand what you wrote. Thanks. |
Re: Failed Naira: Your Advice For The Federal Government by kaboninc(m): 11:52am On Aug 17, 2016 |
trillville: Lol. Funny. It depends on the scope of what you define raw materials to be. All minerals deposited beneath the earth, be it on land or sea belongs to the country. So it is with Nigeria. That is why the government makes income from sales of its crude oil (which belongs to Nigerians). It is one source of income world over. |
Re: Failed Naira: Your Advice For The Federal Government by oyinkinola: 12:00pm On Aug 17, 2016 |
kaboninc:economically is ₦5 smallest denomination the best denomination we deserve? why used ₦1 for global exchange not in your pocket? we have 100k ₦1,₦2,₦3,₦4,missing in your pocket(circulation)why? |
Re: Failed Naira: Your Advice For The Federal Government by kaboninc(m): 12:39pm On Aug 17, 2016 |
oyinkinola: Lol....is that your solution to curb inflation? By printing ₦1,₦2,₦3,₦4? |
Re: Failed Naira: Your Advice For The Federal Government by yemjazz: 12:46pm On Aug 17, 2016 |
The value of any country currency is determine by "Balance of Trade". This is the volume of product produce in a country which is available for exportation Approaching this problem from what economist call comparable advantage. 1.Agriculture is the first solution. (Easy and fast) If we can produce everything we consume and export the excess. we will not have problem with foreign exchange. 2. Revamping the power sector.(this is the pivot of the the economy) If we have stable power supply. Average Nigerian can use it to produce something. we should change our mentality from how to consume to how to produce. This is the main diff btw Nigeria and China. we both have great population which is the human resources. 1 Like 1 Share |
Re: Failed Naira: Your Advice For The Federal Government by oyinkinola: 12:48pm On Aug 17, 2016 |
kaboninc:what's the solution then? if Central bank claim 12 denomination in circulation today but rest 8! in your pocket can't you asked for the rest? then single out one country that run her monetary system like Nigeria! also don't laugh answer my questions above! |
Re: Failed Naira: Your Advice For The Federal Government by kaboninc(m): 1:05pm On Aug 17, 2016 |
oyinkinola: Ola, please forgive me. I just can't stop smiling from here with the way you construct your analysis. Please see a plausible and better solution than yours, which is a long term solution btw to curb inflation... yemjazz: It is not about printing smaller denomination currencies. In fact that will lead to increasing cost of money management because you can't "force" the people on how to use which currency. Same in business. When you "force" people, you end up creating a big mes.s in the long term. An example is the foreign exchange. But with strong, reliable and credible systems on ground, the people will adjust themselves to what you want them to do. In case you also should know, there is too much naira in circulation and most of which is chasing the dollar which unfortunately is very scare. If you could remember, Sanusi at one point in time suggested an introduction of a 5000 - note. The essence was just to easy money circulation. But the naira is not chasing the dollar for good, to an appreciable extent though. There are two broad classes of dollar demand: the legitimate transaction and for illegitimate transactions. But we do not have an appropriate or good structure on ground. So you demand dollar to import. Even at that, most Nigerians are venturing into exports just to earn the dollar and so unfortunate is that we export crude commodities. But you can't stop people from venturing into a lawful business with huge profit potential na. So you see, solving the problem of inflation has to start with us...government's policies and political will (like in the last administration) and not printing smaller denomination of currencies. Today a bag of rice sells for 20k which used to be less than 10k just a year ago or few months ago and have you asked yourself why? Two things are responsible - the present government's misunderstanding and policy mis-direction (custom's directive) and our quest for "imported" product. |
Re: Failed Naira: Your Advice For The Federal Government by oyinkinola: 1:17pm On Aug 17, 2016 |
yemjazz:***The value of any country currency is determine by "Balance of Trade". This is the volume of product produce in a country which is available for exportation*** I totally disagree with this theory because is not related to Nigeria problems and can't solve them! what about what we produced and consume locally? 2. Nigeria is a market that all the producing countries can't be overemphasize if they do to their own peril, 3.all the regional regions depend on Nigeria imported goods for their survival they buy and pay duties, we import they pay duties as we pay! Nigeria can develop without the export of finished products, with nearly 500million population at our disposition, that's why they call us giant of Africa! 4. agriculture...yes! 5...power...yes! but is how Chinese run there monetary system we run our's?... that's where our problems lie, we can't just killing our money in circulation (for foolish reason of bigger than coins users) and blame inflation! can't we change for once? |
Re: Failed Naira: Your Advice For The Federal Government by orunto27: 1:45pm On Aug 17, 2016 |
Denomination Weapon is the Singular most Powerful Instrument of a CBN Governor to control Inflation. Soludo understood this and had free hand under OBJ to use it. Lamido confused it and Emefiele is too wavery and ambiguous to fathom. PMB is surrounded by nonchallant sycophants and he himself doesn't care about Democracy. Once the Forex Inflow, that is, money from oil into the Foregn Reserves or the CBN; money from sales of all exports of Goods and forex and commissions earned from services rendered with and without the Country are known and controlled by CBN, INFLATION AND DIVERSIFICATION will be controllable by CBN. So let all forex go into our foreign reserves and DMBs and the DMBs make regular returns weekly to CBN. Let BDCs source all Forex from DMBs at the official rate and sell to end-users at not more than 2% commission already allowed them by CBN. |
Re: Failed Naira: Your Advice For The Federal Government by oyinkinola: 2:06pm On Aug 17, 2016 |
kaboninc:...you didn't offend me is all about our life and incoming! if american left $ in our hand to handle inflation will kill the same $ in just a week! blame our self, not inflation! you can't print smaller denomination because of inflation! you can't print big note because of inflation! people cry of no money, you said there is much money in circulation! and you want to proof that because the price of bag of rice cost ₦20,000 that our 100k, ₦1,₦2,₦3,₦4 worth removed from our pocket(circulation), are you people know the real meaning of inflation? |
Re: Failed Naira: Your Advice For The Federal Government by nabiz(m): 3:20pm On Aug 17, 2016 |
... There is a lot of hiden money in this country that if allow to circulate things will get better, it's just that our curupt politians are afraid of bringing them out for the fear of been arrested. Some of this politicians are very financilly powerful that they can sabortage the government effort. MY ADVICE (1)Buhari should give amnesty to all current corrupt politians, but pass a new bill(deaath sentence) for anybody found guilty on curruption, so that this country can move ahead. (2) Put polices in place that will encourage all the corrupt politician to invest the looted money in nigeria (3)Set a round table for peace and national dialogue so that everybody key into national developmental policy. |
Re: Failed Naira: Your Advice For The Federal Government by jpphilips(m): 4:32pm On Aug 17, 2016 |
oyinkinola: The real world does not run on your personal feelings, that you were cheated of change does not mean it was deliberate, it is inflation that cheated you of change. In life there are "cause" and "effects" you do not solve "effects", you solve "cause" |
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